Jan 2, 2013 3:00pm EST
they are a news show, talking about during the clinton years we had no debt. just the notion of a budget surplus versus a national debt gets lost on many. i don't know that we're going to have a chance until the leadership really tries to be honest with the public. >> we didn't have a surplus if you count the intragovernmental debt of social security and medicare. we had no surplus during those clinton years, you know that. >> that's correct. >> one thing that's clear it won't help our deficit and debt levels going forward if the economy goes into recession so while you're right there's not a solution here that pleases everyone, part of the problem is if this solution includes significant near-term spending cuts, it only makes the long-term problem worse. >> right. so if you don't want to have any contraction at all, then we're going to end up just like some in southern europe. we'll have to wait until after the event occurs, and then you're going to have the press going oh, my god, how did this happen? just like today, i can't believe how many channels are talking about where was the entitlemen
Dec 31, 2012 3:00pm EST
'll recap what those are. a higher clinton era top rate of 39.6% for individuals above $400,000 income, couples above $450,000 income. capital gains and dividend rates going from 15% to 20% for people in the top income brackets. you've got an estate tax that goes from 35% to 40% for estates valued at over $5 million. you've got a phaseout of deductions and tax credits at incomes above $250,000 for individuals, $300,000 for couples. that is a concession for the president. and our colleague steve leisman has been also doing reporting on this. he just spoke to me by phone as i was preparing to go on with a source familiar with the talks who noted a wind energy tax credit is preserved as the president eluded to in his remarks. also depreciation for businesses with spending money on new equipment. all of those things arement wills of the tax deal, but until they get the sequester, the budget elements worked out, the deal's not going to be finished. >> now, the deduction phaseout. this is relatively new. any idea at this point which deductions we're talking about and any timetable for them?